Financial Services Commission
- Profile
- Objectives 2013-16
- Contact
Janice P. Holness
Executive Director – Financial Services Commission
The Financial Services Commission (FSC) was established in August 2001 as an integrated financial services regulator for the insurance, securities and pensions sectors in Jamaica.
Now over a decade later, the FSC continues to play a significant role in achieving the broader vision of building a strong, vibrant and sound financial services sector.
Mission
To regulate and supervise the securities, insurance and pensions industries for the protection of their users thereby enhancing public confidence through the efforts of a competent workforce.
In keeping with this mission statement, the FSC undertakes a number of key activities. The FSC continuously carries out reviews of legislation administered to ensure a regulatory and supervisory framework that meets best practices while being the best fit for Jamaica; employs risk-based capital tests; conducts risk-based supervision, including on-site assessments for all three sectors; and promotes proper market conduct and integrity in the financial sector.
Vision
To be an impartial, credible and relevant regulator, effectively engaging stakeholders to support a robust financial services sector.
A number of public education strategies are employed to educate customers and empower regulated entities to engender awareness and compliance. The FSC plays an active role in various international standard setting bodies and facilitates cooperation among local, regional and international supervisors. Cross border collaborations have also led to successful prosecutions.
Core Values
The FSC’s organisational culture and character are shaped by its core values:
• Fairness
• Accountability
• Confidentiality
• Communication
• Excellence
• Integrity
• Teamwork
The FSC presided over significant growth in our financial services industry in terms of assets under management and market participants. Further, the supervisory framework developed served to protect the local financial services sector from meltdown during the 2008 financial crisis. As a result, Jamaica’s financial services sector is rated among the best in the Caribbean.
